GLMX Electronic Repo Marketplace Raises $20 million in Bid to Address Market's Growing Efficiency and Reporting Concerns
Summary
The investment will help the firm expand its operations into major European markets and bolster its engineering team following a record year in which its client base doubled, and weekly trading volumes exceeded $68 billion. The platform, launched in February 2016, and available to clients using fully-redesigned, advanced architecture since January 9, 2018, provides a highly scalable back-end, rapid feature development, comprehensive data tools and direct connectivity to multiple portfolio management systems. As an example, in the UK and Europe, MiFID II and SFTR pre and post-trade reporting demand a new level of data capture which, if available at all, currently relies on expensive and time-consuming manual intervention," said Glenn Havlicek, CEO and co-founder of GLMX. In contrast to all-to-all, or peer-to-peer models, GLMX intuitively and electronically replicates the manual workflows that are broadly in use today, enabling easy adoption and limited disruption for market participants. Wall Street veterans partnered with Silicon Valley technologists to develop GLMX proprietary technology which provides an intuitive, comprehensive, integrated global money market trading solution for institutional participants.
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